Jarred, I learned a ton from reading Bigger Pockets and dozens of books that I bought from Amazon and Ebay.

Sometimes common interest developments (like condo) have a special assessment on owners to pay for critical items that where unexpected or poorly planned for.

What they don't realize is that the cost of success in this business is hard work, and that doesn't change no matter how much you pay a guru.I have nothing against paying a guru or going to high-priced seminars, but I would doubt the success rate going this route is going to be much (if at all) higher than studying on your own and then making a go of it.Personally, I spent a year studying, then did a dozen successful flips in the next year, without spending a dime on seminars, gurus, or high-priced "mentors".

Should I pay more attention to the price that was paid for the property X number of years ago or the appraised/assessed value?

I assume you want to get into real estate notes, to do that I suggest you beging with RE, assessing value of the collateral and the market.

He had a little dog that would relieve himself in the house, and the kitchen looked like a dozen science projects gone horribly wrong.

Just be cautious.Items a lender may ask for include the following: Your business plan with highlights about the market and need for your project, Proforma showing your land cost and construction costs with your projected income, ALTA/ACSM Title Survey, Title Committment, Phase One Environmental Site Assessment, Geotechnical Report and Construction Plans.

If estimates come in too high might have to pig tail the wiring, but I feel comfortable with my assessment.

When the financial crisis hit, that exposed the fact that lenders and the government could not properly assess risk, because everyone assumed property could only go up forever.

Ken, I used an administrative fee here that was basically a fine.I structured it by saying that in consideration of the rents such were agreed to under the condition that no additional administartive functions were to be required by the landlord and went on to describe what "additional administrative functions" were.In the event any additional work was required an additional fee for services would be assessed and such would become rents then due.So, if the tenant failed to return the trash cart to the rear of the property and we had to wheel it back, $25.00 was added, if they left trash or other articles in the yard for more than a day, or if neighbors called about noise or if I had to answer any police calls, etc.